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The change of outlook to stable from negative reflects Moody's view that
these insurance groups' key credit fundamentals (asset quality,
capitalisation, profitability and financial flexibility) are correlated
with -- and thus linked to -- the economic
and market conditions in Italy, where the entities are domiciled
and have significant operations.

Moody's notes that the IFSRs of both Generali and Allianz Italy remain
above the sovereign rating, reflecting in the former the significant
geographical diversification of the Generali Group, and in the latter
the benefits of ownership from a strong parent (Allianz SE, Aa3
IFSR, negative).

RATINGS RATIONALE

--- ASSICURAZIONI GENERALI S.P.A

Moody's affirmed the Baa1 IFSR and all the debt ratings of Generali and
changed the outlook to stable from negative on all the ratings.
Moody's says the change in outlook to stable reflects the change of outlook
to stable from negative of the Italian sovereign rating.

Generali has meaningful direct exposure to Italian sovereign risk in terms
of both investment portfolio and business profile. As at 30 September
2013, Italian government bonds represented 21% (EUR57.0
billion) of Generali's total fixed-income portfolio, or 270%
of shareholders' equity (gross, before policyholders' participation).
Furthermore, 29% of its gross written premiums (GWPs) were
sourced in Italy in 2012. However, the insurer's broad diversification
through ownership of non-Italian subsidiaries and flexible product
characteristics, which partly insulate the company from credit stress
at the sovereign level, lead to Generali's IFSR being one
notch above the Italian sovereign rating.

In particular, Generali's non-Italian businesses accounted
for over 70% of gross written premium in 2012, with most
of this business located in strong economic environments, such as
Germany (Aaa negative) and France (Aa1 negative). In addition,
Moody's believes that the risk-sharing mechanism of the insurer's
Italian life insurance products materially mitigates the exposure to Italian
sovereign debt. This mechanism offers a relatively high ability
to share losses with policyholders through reducing credited returns,
given the current spread between investments returns and average guarantees.

--- GENERALI FRANCE

Moody's affirmed the Baa1 IFSRs of Generali Vie and Generali IARD --
the main operating companies of the Generali Group in France --
and changed the outlook to stable from negative on all ratings.
Moody's says the change in outlook to stable reflects the changes of outlook
to stable from negative of (1) the Italian sovereign rating; and
(2) the parent company Generali. Even though Generali's French
operations have little direct exposure to Italian bonds or the Italian
economy, Moody's believes that the credit profile of these operations
are linked to those of the Generali Group overall, mainly through
the Group's financial flexibility and franchise.

--- GENERALI DEUTSCHLAND

Moody's affirmed the A3 IFSRs of Generali Deutschland's main operations
(see list below) and changed the outlook to stable from negative on all
ratings. Moody's says the change in outlook to stable reflects
the changes of outlook to stable from negative of (1) the Italian sovereign
rating; and (2) the parent company Generali.

The IFSR of Generali Deutschland is one notch above Generali's IFSR
as Moody's believes that the contagion risk induced by Generali Group
is lower for Generali's German operations than for its French operations.
In particular Moody's believes that the German operations' credit
profile is protected by (1) its multi-brand strategy; around
40% of the business is written under the AachenMuenchener brand
and around 20% of the business is written under the CosmosDirekt
brand; (2) its higher control of its distribution networks relative
to Generali in France; and/or (3) sizeable capital in the form of
RfB. Furthermore, Generali's German operations have little
direct exposure to Italian bonds or the Italian economy.

--- ALLIANZ S.P.A.

Moody's affirmed the A3 IFSR of Allianz S.p.A.,
which is fully owned by Allianz SE, and changed the outlook to stable
from negative. Moody's says the change in outlook to stable reflects
the change of outlook to stable from negative of the Italian sovereign
rating.

Allianz Italy has meaningful direct exposure to Italian sovereign risk
in terms of both investment portfolio and business profile. Italian
government bonds represented around 50% (EUR19.0 billion)
of Allianz Italy's total fixed-income portfolio at the end of June
2013, or over 4.0x of shareholders' equity, and 100%
of its GWP were sourced in Italy in 2012. Nonetheless, Moody's
continues to rate Allianz Italy's IFSR two notches above the Italian sovereign
rating, reflecting the benefit of parental support from Allianz
SE. Allianz Italy is one of the largest operations outside Germany
for Allianz SE, and is consistently one of the largest contributors
in terms of operating profit.

--- UNIPOLSAI ASSICURAZIONI S.P.A.

Moody's affirmed the Baa2 IFSRs of of UnipolSai Assicurazioni S.p.A.
(UnipolSai) and changed the outlook to stable from negative. Moody's
says the change in outlook to stable reflects the change of outlook to
stable from negative of the Italian sovereign rating.

Unipol Gruppo Finanziario S.p.A., whose main
operating entity is UnipolSai, has a very meaningful direct exposure
to Italian sovereign risk in terms of both investment portfolio and business
profile. Italian government bonds represented around 65%
(EUR31.4 billion) of the group's total investment portfolio
and around 4.2x group's shareholders' equity as at third
quarter 2013, and most of its GWP were sourced in Italy.
As a result, UnipolSai's IFSR is constrained by Italy's sovereign
rating.

Moody's also changed the outlook to stable from negative of Unipol
Banca's Ba2 deposit rating following the change of outlook of the
parent. This reflects Moody's expectation that parental support
would likely mitigate any potential moderate deterioration in Unipol Banca's
standalone Baseline Credit Assessment (BCA) of caa1.

WHAT COULD MOVE THE RATINGS UP/DOWN

--- ASSICURAZIONI GENERALI S.P.A

Upwards pressure on Generali's ratings could develop following (1) an
upgrade of Italy's sovereign rating; and/or (2) a material improvement
of the group's solvency.

Downwards pressure on Generali's ratings could develop following (1) a
downgrade of Italy's sovereign rating; (2) a material deterioration
of the group's solvency and/or operating performance; (3) material
deterioration of the group's financial flexibility; and/or (4) a
deterioration in the cash flows at the holding, for example with
a significant reduction in the cash flow coverage below 2x and/or a significant
reduction on the cash flows from the (re)insurance business.

--- ALLIANZ S.P.A.

Upwards pressure on Allianz Italy's ratings could develop following (1)
an upgrade of Italy's sovereign rating; and/or (2) an upgrade of
Allianz SE.

Downwards pressure on Allianz Italy's ratings could develop following
(1) a downgrade of Italy's sovereign rating; (2) a change in the
status of the company within the German group; and/or (3) material
deterioration in the company's standalone solvency, earnings,
operating performance, or capitalisation levels.

--- UNIPOLSAI ASSICURAZIONI S.P.A.

Upwards pressure on UnipolSai's ratings could develop following
an upgrade of Italy's sovereign rating.

Downwards pressure on UnipolSai's ratings could develop following (1)
a downgrade of Italy's sovereign rating; (2) any further significant
assets impairments and costs associated to the integration, including
legal and compensatory expenses; and/or (3) any significant loss
of market share, in excess of the reduction related to the assets'
disposal required by the Italian antitrust Authority in relation to the
acquisition of Premafin.

SUMMARY PROFILES OF AFFECTED GROUPS

Assicurazioni Generali S.p.A, headquartered in Trieste,
Italy, is a major international multi-line insurer.
It reported gross premiums written of EUR65.9 billion in 2012,
total assets of EUR442 billion and shareholders' equity of EUR22.6
billion at 31 December 2012.

Allianz S.p.A., headquartered in Trieste,
Italy, is a major Italian multi-line insurer. It reported
gross premiums written of EUR7.4 billion, total assets of
EUR63.3 billion in 2012 and shareholders' equity of EUR5.1
billion at 31 December 2012.

Unipol Gruppo Finanziario S.p.A., based in
Bologna, Italy, is the parent company of UnipolSai Assicurazioni
S.p.A. and Unipol Banca. Unipol Gruppo Finanziario
S.p.A. reported a consolidated net profit of EUR469
million in 2012, total assets of EUR83.1 billion and shareholders'
equity of EUR7.0 billion as at 31 December 2012.

The following ratings were affirmed and their outlook changed to stable
from negative:

The principal methodology used in rating Unipol Banca was Global Banks
published in May 2013. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
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rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
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to rated entity, Disclosure from rated entity.

The subordinate debt 293905 of rated entity Unipol Assicurazioni S.p.a
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Please see www.moodys.com for any updates on changes to
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